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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CAF
CAF (CAF) investor relations material
CAF H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary30 Jul, 2026
Executive summary
Achieved strong revenue growth of 16% and net profit increase of 36% in H1 2026, driven by robust order intake and improved profitability in both railway and bus segments.
Order backlog reached a record €17.7bn (+9% YoY), providing high visibility for future sales.
Solaris posted record results since its acquisition, substantially increasing its contribution.
Maintained financial solidity with Net Financial Debt/EBITDA at 0.5x and available liquidity of €1.38bn.
Reaffirmed 2026 outlook and preparing for the 2027-2030 strategic cycle.
Financial highlights
Revenue rose 16% year-over-year to €2,527M, mainly due to strong bus deliveries.
EBIT increased 32% to €150M, with EBIT margin up 0.7 percentage points to 5.9%.
Net attributable profit surged 36% to €99M; EPS reached €2.89.
Order intake was €4,035m (+31% YoY); backlog: €17,743m (+9% YoY).
Net financial debt reduced to €176M, with NFD/EBITDA at 0.5x and available liquidity of €1,379m.
Outlook and guidance
Reaffirmed 2026 outlook, targeting high single-digit to nearly 10% revenue growth versus 2025.
Book-to-bill ratio expected to remain at or above 1.
Profitability and net profit anticipated to improve further.
Dividend policy aligned with results development.
New strategic plan for 2027-2030 to be presented in Q4 2026.
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Latest events from CAF
- Revenue rose 21%, EBIT 29%, and backlog reached €14.2bn with leverage below 1x.CAF
H2 2023 - Net profit up 66% and order backlog at record highs, driven by strong European demand.CAFQ3 2025
- Record order intake and backlog fuel revenue and profit growth, with strong outlook for 2026.CAFQ1 2026
- Record order intake, 7% revenue growth, and 42% higher net profit with strong financials.CAFH2 2025
- Record order intake and profit growth, with strong zero-emission mobility momentum.CAFH1 2025
- Net profit up 15% and revenue up 7% year-over-year, with robust backlog and stable outlook.CAFQ3 2024
- Revenue up 11% and net profit up 52%, with a €13.8bn backlog and strong ESG progress.CAFH1 2024
- Record order intake and backlog drive double-digit growth and improved profitability.CAFQ1 2025
- Revenue up 10%, net profit up 16%, and record €14.7bn backlog with strong ESG alignment.CAFH2 2024
Next CAF earnings date
Q3 202612 Nov, 2026
CAF
Next CAF earnings date
Q3 202612 Nov, 2026
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Frequently asked questions
Construcciones y Auxiliar de Ferrocarriles S.A. (CAF) is a Spanish company specializing in the manufacture and supply of railway vehicles and equipment. Founded in 1917, CAF has expanded its expertise beyond freight car production to include a broad range of rolling stock, such as high-speed trains, locomotives, commuter trains, subway trains, and streetcars. In addition to rolling stock, CAF also focuses on components and spare parts for railway systems, offering wheels, axles, gear units, traction and signaling systems, and energy storage solutions. The company's comprehensive services encompass technical assistance, maintenance, after-sale services, and the development of rail infrastructure.
The company is headquartered in Beasain, Basque Autonomous Community, Spain, and its shares are listed on the Spanish stock exchange.